With the number of vehicles each automaker sells rising thanks to EVs, waning customer loyalty and stiffer competition, things are about to get tough for automakers
, hybrid, and internal combustion vehicles to satisfy customers’ varying tastes. The silver lining for auto brands is that, for now at least, consumers appear to be on the fence, too. In seven out of 10 cases, an EV joins a garage without displacing another vehicle.
The bad news for the manufacturers is that the brands of each vehicle in that garage are less likely than ever to be the same. In part because EVs are helping brands make conquests, partly because so many brands are competing in the luxury space, partly because leasing rates are lower than ever, and also because the pandemic necessitated a lack of loyalty, 53 percent of shoppers considered themselves to be brand nomads in 2022.
That puts automakers in a difficult spot. Because brand loyalty is low, they have to fight harder than ever for sales. However, with more vehicles to market, they have less money per nameplate to advertise those vehicles.suggests that as a result, automakers will have to target buyers more directly and accurately than ever before. They will need more data than ever on potential shoppers, and will need to analyze that data more closely in order to target the right households.
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